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Chula Vista California Real Estate - Chula Vista, California Real Estate Overview

price market median sales

Chula Vista is a community located in Southern California that is south of San Diego and just north of the Mexico border. Like many cities located in Southern California, the Chula Vista, California real estate market has gone through some tough times over the past few years. Residents of the Chula Vista, California real estate market have seen their property values increase dramatically, only to see them fall to their lowest point in years after the housing bubble burst.

From 2003 until 2007, the median sale price in the Chula Vista, California real estate market saw the median sales price increase from around $450,000 up to $550,000. However, once the housing bubble burst in early 2007, the median sales price fell to its lowest point in a decade. The housing prices followed a continuous slide until hitting rock bottom is the middle of 2008. While prices in the Chula Vista, California real estate market appear to be stable now, they have fallen by over 40% with the median sales price now around $300,000.

One reason for the drop in the sales price has been the high rate of foreclosure in the Chula Vista, California real estate market. Chula Vista has one of the highest rates of foreclosure in the country. In February 2010, 1 in every 90 homes received a notice of default. The rate of default is highest in the western zip codes, which are further away from the water. In these zip codes, the rate of default is as bad as 1 in every 30 homes.

While the rate of foreclosure is extremely high in the Chula Vista, California real estate market, it appears that it will not have too much more of an impact on the city’s median sales price. The median listing price for a foreclosed home is around $310,000.

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